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ARTICLE · 30 OCTOBER 2008

Possession Following Mortgage Default And Environmental Liability

Blake, Cassels & Graydon LLP
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As mentioned elsewhere in this bulletin, taking possession of a mortgaged property following default on the part of a borrower is often a key element in a lender's realization strategy.

CanadaReal Estate and Construction
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Copyright 2008, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Real Estate Morgage Enforcement, October 2008

Introduction

As mentioned elsewhere in this bulletin, taking possession of a mortgaged property following default on the part of a borrower is often a key element in a lender's realization strategy. Possession by the lender deprives the borrower of control of the mortgaged property and access to the revenues and income derived therefrom. It also permits the lender to undertake any necessary repairs to the mortgaged property and such measures as may be required to prevent waste, thereby maintaining and maximizing the value of the mortgaged property in both the short and long term.

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